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Spain: More Tax for Spanish Boat Owners

By Sue Richards last modified Nov 02, 2011 10:26 AM

Published: 2011-11-02 10:26:50
Countries: Spain

As reported by Med

Spain re-introduced the Wealth Tax in September in one of the last significant actions of the government before the General Election this month.

The tax, which was previously scrapped in April 2008, is payable by all residents and non-residents and is levied on all property and assets in Spain held on 31st December each year.

Although the government says that this time the tax will be more focused than before, it is still likely to hit the already hard-pressed Spanish boat owners reeling from the implementation of the 13% matriculation tax.

Previously the tax ranged from 0.25% to 2.5% depending on the asset class and value. Whilst Spanish residents can claim generous allowances these are not available to non-residents in Spain who must pay the full amount.

The wealth tax will apply to boats owned by non-residents moored in Spain and for some unfortunate owners the tax will also be levied on the value of their berth.